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My experiences with undercoating are that most of it is complete crap. I paid extra to have my '94 undercoated when new... washed it religiously... and it is now a rotted out POS. Back in the '80's my dad had his new VW undercoated... same thing, it rotted out too.
However, not all undercoating is useless. My '59 Chev has lots of heavy black tar on it, from the factory I believe, and that seems to have done the trick.
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